Tax Memo – Read The Entire Tax Cuts and Jobs Act
THESE PROPOSED TAX CHANGES ARE THE MOST SIGNIFICANT I HAVE SEEN IN MY CAREER. My team is actively monitoring this situation and how it may impact your family and [...]
Memo – If You Will Not Have Full Year Health Coverage in 2017, Read This Memo Now
The current law dictates that taxpayers who do not have (MEC) Minimum Essential (Health) Coverage, may have to pay a penalty when filing their tax returns. MEC is any [...]
Memo – Top 10 Tax Facts if You Sell Your Home
Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. [...]
Still Not Filed Your 2016 Taxes? Time is Running Out! October 15th Is Quickly Approaching!
The last day to file your 2016 tax returns on time is October 15! If you have a history of tax filing procrastination and have not filed your 2016 [...]
Memo – Could Your Employees Benefit From a Custom Tax, Accounting and Business Presentation?
President Trump's election has caused an upheaval on so many levels, and the companies who get their managers and line employees educated will have the edge over their competition. [...]
Memo – Puerto Rico Hurricane Victims Tax Relief
Puerto Rico — Victims of Hurricane Irma that took place beginning on Sept. 5, 2017 in parts of the Commonwealth of Puerto Rico may qualify for tax relief from [...]
Tax Memo – Moving Expenses May Be Deductible
Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the [...]
Tax Memo – Do You Have A Business Or A Hobby?
Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s [...]
Tax Memo – Gambling Winner? Loser? Read These Tax Tips
Chris Whalen, CPA Note: Don't roll the dice with your taxes! The best bet you can make is to choose the best CPA! You must report all gambling winnings as [...]
Tax Memo – Newlywed? Finish that Champagne, Then Read These Important Tax Tips
Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is [...]
Tax Memo – Seniors and Retirees – This Memo’s For You
My Retiree and Senior client base continues to grow, and with that comes special tax planning needs. There is so much information out there on taxes and from so [...]
Tax Memo – Filing Taxes Late? Be Ready for Interest and Penalties
Note from Chris Whalen, CPA - Even if you cannot pay your tax, FILE YOUR TAXES ON TIME. You can always apply for an installment plan. Many taxpayers don't [...]
Veterans’ Tax Memo – Military Family Tax Relief Act – Know Your Veteran Benefits
On Nov. 11, 2003, President Bush signed into law the Military Family Tax Relief Act of 2003. Among its provisions are these tax breaks related to military personnel: Death [...]
Memo – Tips to Prepare for Hurricanes, Floods and Other Natural Disasters
RED BANK, NJ — Hurricane Preparedness Week is only one 7 days in May, May 7 to 13, but this is far too short in my opinion. Every week should [...]
Tax Memo – It’s April 1st (My Birthday) Only 14 Days Until Tax Day!
It’s April 1st (my birthday, really) Do You Know Where Your Income Taxes Are? Only 14 days until April 15th!! Call Me So I Can Get Your Extensions Done. Click [...]
Tax Memo – IRS Refund Myths Debunked & Where’s Your Refund?
I want to remind you about some basic tips to keep in mind about your refunds. During the early parts of the tax season, early filers are anxious to get [...]
Tax Procrastinators! Yes You! April 15th Is Quickly Approaching!
If you have a history of tax filing procrastination, call me immediately for CPA Therapy Sessions. The IRS got more than 131 million tax returns last month. Was yours [...]
Tax Memo – Debt Cancellation May be Taxable
If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who [...]
Tax Memo – File A NYS Return? You Must Now Give Your Driver’s License #
Overview Beginning in Tax Year 2015—following the lead of the IRS—New York began to capture taxpayers’ driver license or state-issued ID (non-driver ID) information for their electronically-filed personal income tax [...]
Tax Memo – 2017 Mileage Rate is 53.5 cents Per Mile
2017 Standard Mileage Rates for Business, Medical and Moving Announced WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs [...]
Memo – W2 Missing? Here’s What To Do
More and more I am hearing from clients whose former employers are failing to send them W2s. You don’t have to feel helpless in this situation. There are specific steps [...]
Tax Memo – Tax Tips for Newlyweds
Before the memo begins, please read this important message. President Elect Trump is planning a major Tax Overhaul in 2017! Now is the time for YOU to plan, NOT after the [...]
Tax Memo – Beware of Fake IRS Tax Bill Notices
Chris Whalen, CPA is issuing a warning to all taxpayers of fake IRS tax bills they may receive related to the Affordable Care Act. We have received numerous reports of [...]
Tax Memo – FBAR – Things You Need to Know
Do you have any money or assets outside the U.S.? Seems like a pretty straightforward question, doesn’t it? Well, a lot of people are surprised to learn that they do [...]
Tax Memo – 2017 IRS Refunds Will Be Delayed – Plan Now
I am encouraging my clients to consider a mid-year tax withholding checkup following several new factors that could affect their refunds in 2017. Taking a closer look at the taxes being withheld [...]
Tax Memo – Afraid To File Your Taxes? Don’t Be!
Please read and share this informative memo. Click Here To Read The Memo Please reach out to me without hesitation with any tax, business or accounting question, and to schedule [...]
Tax Memo – Five Tips on Estimated Tax Payments
You usually will have taxes withheld from your pay if you are an employee. However, if you don’t have taxes withheld, or you don’t have enough tax withheld, you may [...]
Tax Memo – IRS Tax Refunds – Your Questions Answered
Here are the top 21 questions I get regarding IRS Refunds. Q1: How quickly will I get my refund? The IRS issues most refunds in less than 21 calendar [...]
Tax Memo – 10 Tips on Amending a Tax Return
Use the right form That would be the Form 1040X, Amended U.S. Individual Income Tax Return. It must be paper-filed, and the box at the top showing which year is [...]
Tax Memo – Five Tips For Starting a Business
Understanding your tax obligations is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are my [...]